Zacks: Analysts Anticipate Western Digital Co. (NASDAQ:WDC) Will Post Quarterly Sales of $4.53 Billion

Equities analysts predict that Western Digital Co. (NASDAQ:WDC) will report $4.53 billion in sales for the current fiscal quarter, Zacks reports. Three analysts have provided estimates for Western Digital’s earnings, with estimates ranging from $4.50 billion to $4.54 billion. Western Digital reported sales of $4.29 billion in the same quarter last year, which would suggest a positive year-over-year growth rate of 5.6%. The firm is expected to announce its next quarterly earnings results on Wednesday, August 4th.

According to Zacks, analysts expect that Western Digital will report full-year sales of $16.22 billion for the current fiscal year, with estimates ranging from $15.77 billion to $16.54 billion. For the next year, analysts anticipate that the company will post sales of $19.49 billion, with estimates ranging from $17.00 billion to $21.47 billion. Zacks’ sales averages are an average based on a survey of research analysts that that provide coverage for Western Digital.

Western Digital (NASDAQ:WDC) last issued its quarterly earnings results on Thursday, April 29th. The data storage provider reported $1.02 earnings per share for the quarter, topping the consensus estimate of $0.48 by $0.54. Western Digital had a positive return on equity of 6.72% and a negative net margin of 1.49%.

A number of research firms have weighed in on WDC. Morgan Stanley boosted their price objective on Western Digital from $84.00 to $88.00 and gave the stock an “overweight” rating in a research note on Friday. Cowen upped their price target on Western Digital from $62.00 to $65.00 and gave the stock an “outperform” rating in a report on Friday, January 29th. Mizuho increased their price objective on Western Digital from $80.00 to $88.00 and gave the company a “buy” rating in a report on Friday. Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell upped their target price on Western Digital from $80.00 to $90.00 and gave the company a “buy” rating in a research report on Friday. Finally, Stifel Nicolaus increased their price objective on Western Digital from $54.00 to $64.00 and gave the stock a “buy” rating in a research report on Thursday, January 7th. Four investment analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average price target of $78.25.

Large investors have recently modified their holdings of the business. Amundi Pioneer Asset Management Inc. grew its holdings in shares of Western Digital by 8.5% during the 1st quarter. Amundi Pioneer Asset Management Inc. now owns 291,747 shares of the data storage provider’s stock worth $14,022,000 after acquiring an additional 22,751 shares during the period. Chiron Capital Management LLC bought a new position in shares of Western Digital in the 3rd quarter valued at about $66,000. Jeppson Wealth Management LLC bought a new stake in Western Digital in the third quarter worth about $36,000. Virtu Financial LLC bought a new stake in shares of Western Digital during the third quarter valued at approximately $1,091,000. Finally, Strs Ohio increased its holdings in Western Digital by 45.1% during the third quarter. Strs Ohio now owns 568,805 shares of the data storage provider’s stock valued at $20,789,000 after buying an additional 176,900 shares during the period. Hedge funds and other institutional investors own 78.49% of the company’s stock.

Shares of Western Digital stock traded down $2.84 on Tuesday, reaching $67.28. The company’s stock had a trading volume of 6,521,633 shares, compared to its average volume of 4,904,757. The company has a market capitalization of $20.59 billion, a P/E ratio of -79.15 and a beta of 1.49. Western Digital has a 52-week low of $33.53 and a 52-week high of $74.70. The stock has a 50-day moving average price of $69.54 and a 200-day moving average price of $56.84. The company has a quick ratio of 1.36, a current ratio of 2.05 and a debt-to-equity ratio of 0.97.

Western Digital Company Profile

Western Digital Corporation develops, manufactures, and sells data storage devices and solutions. It offers client devices, including hard disk drives (HDDs) and solid state drives (SSDs) for computing devices, such as desktop and notebook personal computers (PCs), smart video systems, gaming consoles, and set top boxes; flash-based embedded storage products for mobile phones, tablets, notebook PCs, and other portable and wearable devices, as well as automotive, Internet of Things, industrial, and connected home applications; flash-based memory wafers; and embedded storage solutions and flash products.

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